Planet Money Title Pirates
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Nov 23, 2024 Gina Leto's real estate investment takes a shocking turn when she learns about title pirates lurking in the property market. The podcast reveals the hidden risks of property ownership, emphasizing the vulnerabilities in title insurance. It shares harrowing tales of fraudulent sales and the emotional toll of property disputes. Listeners gain insight into the complexities of navigating legal issues in real estate and the vital role of due diligence. Through various stories, the dangers of online transactions and identity fraud come to light, making listeners rethink land ownership.
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Gina's Story
- Gina Leto, a real estate developer, bought a property and began building a house.
- After investing $800,000, her lawyer revealed the seller wasn't the real owner.
Daniel's Story
- Daniel Koenigsberg inherited a vacant lot next to his childhood home, declining offers to sell.
- He discovered a house being built on his lot after a friend alerted him.
Land Ownership System
- The US lacks a centralized land ownership database, relying on recorded transactions.
- Deeds don't prove ownership, they only record transfers, creating opportunities for fraud.